Step 1: Find an Agent
Set up a time to sit down with your agent to discuss the neighborhoods you're considering and can help guide your search.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Set up a time to sit down with your agent to discuss the neighborhoods you're considering and can help guide your search.
Before beginning your search, your first step is to get pre- approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help determine the price range for your search.
Now is the time to consider your ideal home's location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your agent will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter
offer. Your agent will provide advice throughout.
My goal is to provide you with the most personalized service that is designed to help you buy your dream home
(Life of an Escrow: 21 & 30 day
escrow period)
Day 1 - Once an offer is accepted,
escrow is officially open and the
clock begins on contingencies*
Day 2 - Contact your insurance
agent for homeowners coverage
Day 3 - Initial deposit is due per
terms of agreement
Day 1-7 - Seller delivers
disclosures to buyer. Buyer
performs inspections (Step 6)
Step 1-10 - Loan is in underwriting
and appraisal occurs (Step 7)
Day 7-21 - Seller signs grant deed
and staging is removed, if any
(Step 7)
Day 14-30 - End of Escrow -
Within final week of escrow
period, buyer signs loan and
closing documents and wires in
closing funds (Step 10)
Day 20-30 - Loan funds and
escrow closes (recordation)
It is the buyer's duty to select all desired inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner's insurance in place, and then the loan will be funded with clearance to close.
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Congratulations! You are now a homeowner.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.
